The first key to being a successful business owner is understanding who you are. You need to be familiar with your strengths and weaknesses. It is important for you to know why you do the things you do,
and how you can take your unique talents and use them to your advantage in your business. You also need to understand your management style, what leadership skills you have, what the value of your time is,
and how you can improve your time management skills.

When starting a new business it is very important you understand how to hire those people who will help you be a successful business owner, and that you find these people in the early stages of your business.
From employees, to professionals, to outside product and service providers, your business is going to require you to get the help of others. In this program you will learn who the people are you should be
looking for, and where they can be found.

A good name, a business plan, entity structure, government regulations.

Just as the foundation of a house determines the stability of the house, the principles taught in this step are going to determine whether or not your business can withstand all it may one day experience.
All of the other steps taught in this guide can become irrelevant if you do not handle this one step correctly. This is an area of your business where you cannot cut corners. You need to make sure the
foundation of your business is as strong as possible.

If you are like most new business owners, this is going to be one of the most important chapters in this whole program. In fact, your business can never be over prepared to seek financing from a lender.
If you are like most entrepreneurs, there is going to be a time when you will need financing. It might be in the start-up phase, the growth phase, or the business-is-not-doing-well phase. Regardless of which
one of these phases your business finds itself in, you are going to need money to get out of it. Now you may be lucky enough to have your own money, but if you don’t you are going to need to know what options
are out there to finance your business, and what you need to do to prepare yourself to obtain funding.

The key to effective marketing is staying consistent. Marketing is not a natural skill for most business owners. As a result, business owners seem to do very well with marketing for a month or so and
then their efforts start to drop off. You need to know what marketing options are out there for you if you want to be successful with your new business.

You should always pay yourself first. For many start-up businesses this can become a big problem. Many new business owners get so excited to get their idea off the ground they forget to calculate the
importance of paying themselves back for their original investment, plus interest and a wage for their time. If your business finds itself in this situation, it is not truly a business, it is only a
hobby.

If you can master cash management, you will find you will be able to get out of most financial situations in which your business might find itself. This is a skill with which even most professionals
struggle. It is definitely an art and there is a learning process to managing money effectively. Learn how to be an effective cash manager in this section of the program.

Your books and records are the only thing you have that will give you a true financial picture of your business. You need accurate books for your own management use, for filing your tax returns, and if
you need to look for financing. The easiest way to keep your books up to date is to use an accounting software package. Learn in this chapter what you should be doing, and what your accountant should
be doing, when it comes to managing your finances.

We have all heard stories of people losing an opportunity because they did not have a written contract. The best way to stop this problem from happening in your business is to make sure, no matter who
you are entering into an agreement with, that you get a written contract. Too many people think signing an agreement shows lack of trust. Signing an agreement is not at all about lack of trust; it is
all about showing others you are a good communicator.

As a business owner, you will be exposed to brand new levels of risk. As a result, managing your insurance needs is not something you should do alone. You need to make sure you find insurance agents
who understand your business, so they can guide you in what types and amounts of insurance will best protect your business.

Creativity is one of the most exciting aspects of business. You should always be willing to try new things in your business and look to other industries for ideas. If something does not work, you
should not get discouraged. Your business needs an optimistic leader who will apply the principles you learn in this program until you achieve success.

You can never over-prepare for your future. Retirement will be here before you know it. Make sure you and your financial planner meet regularly to go over your portfolio and your investment objectives. This will help
hold him accountable for his performance and will help keep you informed of what is going on with your investments. You should always remember, if you will work as hard protecting the assets created by your business as
you work in your business, you will be well rewarded over time.